CNN Money: New York Times gets Tim Cook's earnings wrong
The New York Times ran a report over the weekend that claimed Tim Cook was a million-dollar-a-day CEO. Acording to a follow-up report from CNN Money, that estimate is way off.
The CNN report claims the NYT was correct with the CEO's yearly salary of US$900,000, but made a mistake when it included the one million shares of Apple stock that Cook was granted in 2011. These shares won't vest for ten years, which means Cook won't see any of that money until 2021.
CNN Money took the value of those shares ($376.2 million on the day they were granted) and calculated that Cook would get $103,000 a day over the ten-year period. When you combine the stock money with Cook's salary, the resulting figure is not even close to the $1 million the NYT claims.
Subscribe to Newsletter
Software Updatesmore updates
- Spotify update adds equalizer, refreshed Artist page and more
- Fantastical 2.1 for iOS adds new snooze, search and notification features
- ExpanDrive 4, more services and faster sync
- Apple adds iTunes Extras to Apple TV
- Spotify updates with new iPhone controls in time for summer BBQs
- iTunes U update will bring course creation and student discussion to iPad app